The offer was made a day after crisis talks between Greece's new
Prime Minister Alexis Tsipras and European leaders on Greece's
EU-IMF bailout.

Greek authorities said on Friday they were gradually moving
towards meeting the requirements of international creditors on a
more detailed reform plan, after Prime Minister Tsipras said his
coalition would intensify work to avert the country’s bankruptcy.

Austerity policies have been the focus of a standoff between
Greece and its troika of creditors. Promises to end the era of
drastic cuts helped Tsipras win power two months ago, but since
then his stance has weakened. Greece’s western creditors have
been insisting the country needs to reform its economy and start
cutting its own expenses, if it wants to get new money for its
ailing economy.

Austerity policies have been the focus of a standoff between
Greece and its Troika of creditors. Promises to end the era of
drastic cuts helped Tsipras win power two months ago, but since
then his stance has weakened. Greece’s western creditors have
been insisting the country needs to reform its economy and start
cutting its own expenses, if it wants to get new money for its
ailing economy.

The Troika of creditors said in February they were ready to
extend the current bailout program until June 2015, but a general
agreement hasn’t been reached yet.

Tsipras has sharply criticized the Troika methods calling them
arm-twisting. He blames them for his country’s unprecedented
recession.

Greece received two bailouts from the EU in 2010 and 2014
totaling €240 billion. Having taken on austerity measures, Greece
saw its economy losing a quarter of its value, with a third of
Greeks living below the poverty line and unemployment exceeding
30 percent.

Experts say the money Greece has now will only last till the end
of March.